A very short post this evening.
Out of State Borrowers is getting next to impossible to find funding for.
If you are working with an out of state borrower you must make sure that everything is absolutely perfect for all the 5C's, and the only issue is the out of state borrower. Lenders are very leery of out of state borrowers in today's economic environment.
Lastly if you do represent an out of state borrower make sure that the property they are considering is in a major metropolitan area. This is for a couple of reasons. First of all the lender may feel more comfortable with a metropolitan property rather than a property that is in an outlining area.
Secondly, and more importantly is that metropolitan properties are located where there are more potential local lenders that may stretch their underwriting guidelines to include the out of state borrower if all other things are equal to local borrowers criteria and qualifications.
For more info on investment properties visit loanforbiz.
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1 comment:
Out of State Borrower means that the borrower is not located in the state that the property is situated. This blog was not meant to mean that we cannot do transactions out of state only that the borrower must be located in the state the property is located in.
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